Ajay Virmani

Early Life and Career

Ajay Virmani’s father was an Indian army officer, while his mother worked as a high school principal. He studied economics at Delhi University. Despite being offered a management trainee position at an Indian bank, he decided to emigrate to Canada in 1975, where he was sponsored by his sister. (See also South Asian Canadians; Immigration to Canada.)

“I arrived in November 1975, and the leaves were starting to fall from the trees,” Virmani recalled in a 2024 interview. “But I grew up in a warm country and my early memories are about the first winter. I was completely unprepared for the wintery weather. Like many immigrants, I was admiring the wonders of nature with the beauty of the first snowfall, but that feeling disappeared pretty fast as I realized I had no winter coat, no gloves and no hat and no money to buy either of these.”

Virmani initially worked a series of odd jobs ranging from window washing to selling insurance and took business courses at the University of Toronto. In the late 1970s, he joined the customer service department of Concord, Ontario-based Cottrell Transport (see Transportation).

“As an Indian, I had to work extra hard to prove myself,” he told the Toronto Star in 2005. “If everyone came in at 8, I had to be in at 6, and if people left at 5, I stayed until 7 to make up for what I didn’t have: a Canadian background.”

“There were moments when I thought, ‘Why am I here as a second-class citizen?’” he reflected in a 2015 interview with Canadian Immigrant. “But compared to India at that time, I found it more acceptable and rewarding here.”

Virmani rose up the corporate hierarchy at Cottrell, eventually reaching the position of senior vice-president. He was placed in charge of Cottrell’s air cargo division and made it profitable within two years. He also continued his education, earning an MBA at The City University of New York City in 1985.

Turning down an opportunity to buy into Cottrell, he established his own cargo company, Commercial Transport International (CTI), in 1990. Two years later, he purchased freight forwarder Fastair Cargo Systems. In 1995, he bought Cottrell.

He sold CTI/Fastair Inc. in January 2000 for $57 million. Virmani remained with the company as president for two months before quitting.

Cargojet

In July 2001, with partners Dan Mills and Jamie Porteous, Ajay Virmani, through his company Flagship International Marketing, acquired 50 per cent of Canada 3000’s Royal Cargo division for $10 million. Virmani became president of the division, which was rebranded as Canada 3000 Cargo. After its parent filed for bankruptcy in November 2001, Virmani used his money to keep the cargo division afloat.

In January 2002, Virmani purchased the remainder of Canada 3000 Cargo from Canada 3000’s bankruptcy trustees. The company was renamed Cargojet Canada Ltd, with Virmani as its president and CEO. Cargojet offered overnight services from regional offices across Canada and expanded services to smaller Canadian markets. Most of its customers were small couriers who couldn’t afford to operate their own air fleet. (See also Air Transport Industry; Transportation.)

In a 2005 National Post interview, Virmani described Cargojet as not just a cargo airline but as “a relationship business. If we look after our people, they will look after the customers and suppliers and we develop good strong relationships.”

Within three years of its founding, Cargojet’s sales had doubled. In 2005, it became a public company when it was converted into an income trust. The company subsequently received numerous awards and recognition, including being named as one of Canada’s 50 Best Managed Companies and ranking among the Toronto Stock Exchange’s 30 top-performing stocks in 2019 and 2020. The company also expanded into international markets in Asia, Europe and Latin America.

In 2014, Cargojet signed a seven-year, $1.7-billion contract with Canada Post, which has been renewed twice. In 2019, the company entered into a $600-million partnership with Amazon. That year, Virmani sold nearly 5 per cent of the company’s stock, which had quadrupled in value over the previous four years.

In January 2024, Virmani moved into the executive chairman position at Cargojet and was succeeded as CEO by Pauline Dhillon and Jamie Porteous.

Film Production

Ajay Virmani believes that the arts are a great method of unifying Canada’s diverse communities. He has shown a particular interest in film. Virmani was the executive producer of two films directed by Deepa Mehta: Bollywood/Hollywood (2002) and Water (2005), which opened that year’s Toronto International Film Festival.

In 2011, he produced the hockey comedy Breakaway, which starred his son, Vinay. It was the sixth most successful Canadian film at the box office that year, with $1.9 million in domestic box office receipts. Other producing credits include Dr. Cabbie (2014), Two Lovers and a Bear (2016) and Little Italy (2018).

Other Interests

In 2004, Ajay Virmani launched Starjet, a short-lived luxury VIP passenger airline that was used by professional sports teams including the Ottawa Senators and Toronto Blue Jays. It was also contracted by the Liberal Party to transport Prime Minister Paul Martin during the 2004 federal election campaign. (See also Air Transport Industry.)

Virmani was a financial partner in several Toronto restaurants during the late 2000s, including Colborne Lane and Kultura.

Virmani has served on several institutional boards, including Invest Ontario, the University Health Network and York University.

Philanthropy

Philanthropic organizations that Ajay Virmani has established include the Cargojet Foundation (which supports initiatives in the arts, health care and social justice causes) and the Virmani Family Foundation (primarily health-care focused, and whose clients have included the Hospital for Sick Children (SickKids), Trillium Health Partners, and women’s shelters).

In 2011, he launched the University Health Network’s Diwali Gala, which raised nearly $9.6 million over its first decade. (See also Religious Festivals.)

Legacy

Following Ajay Virmani’s appointment to the Order of Canada, Cargojet announced that, “Dr. Virmani’s innovative leadership has revolutionized the air cargo sector in Canada, setting new standards for operational excellence, reliability, and customer service. Beyond his professional achievements, Dr. Virmani has been a passionate supporter of numerous charitable initiatives, making a profound difference in the lives of countless Canadians.”

Honours and Awards

• RBC Entrepreneur Award (2017)
• Inductee, Canada’s Walk of Fame (2021)
• Member, Order of Ontario (2022)
• Member, Order of Canada (2024)